Investment Overview

Marcus & Millichap is pleased to present 17062-17092 Devonshire Street, an approximately 1.89-acre commercial land assemblage located along one of Northridge’s primary commercial corridors. Situated less than 1.3 miles from California State University, Northridge (CSUN), the property offers investors, developers, and institutional capital a rare opportunity to acquire a large infill development site in the heart of the San Fernando Valley. The site encompasses approximately 82,328 square feet and is zoned C2-1VL, allowing for a variety of redevelopment strategies, including mixed-use, multifamily, affordable housing, and student housing concepts. According to a preliminary land use and entitlement analysis, the site may support a by-right residential density of approximately 205 units, with potential density bonus opportunities supporting up to 308 residential units. The property may also qualify for additional incentives through California housing programs, creating the possibility for increased density, expanded floor area, reduced parking requirements, and streamlined entitlement pathways. Of particular note, the property’s proximity to CSUN, one of the largest universities in the California State University system, positions the site as a compelling candidate for purpose-built student housing. Preliminary analyses suggest the potential for up to 924 student housing beds under a student housing redevelopment scenario, presenting a unique opportunity to capitalize on the area’s strong student housing demand. Offered at $13,500,000, the property represents a rare large-scale redevelopment opportunity in a highly supply-constrained submarket where assemblage and development sites of this scale are increasingly difficult to replicate. Buyer to independently verify all zoning, density, entitlement, development standards, incentive programs, and redevelopment potential. Any development concepts, unit counts, bed counts, density assumptions, and entitlement pathways are preliminary and subject to governmental approval.